After spending much of 2024 closing stores and recent months trying to solidify a sale of the company to keep its doors open, discount retail chain Big Lots has announced that it now plans to close all stores and go out of business. Heres what you need to know about Big Lotss closure.Whats happened?On Thursday, Big Lots released a statement saying that it now plans to go out of business and close all of its remaining stores (in the absence of a Hail Mary playmore on that below). Big Lots says it came to the decision to prepare to commence going-out-of-business sales after a deal with Nexus Capital Management fell through.Big Lots had been working with the investment firm on a deal that would have seen it sell itself to Nexus Capital Management. Big Lots had been facing severe financial difficulties in 2024 as inflationary pressures bit into profits and caused customers to cut back on discretionary spending, which is Big Lotss bread and butter.Things got so bad for the company that it began closing stores over the summer. In September, the company filed for Chapter 11 bankruptcy protection as a way to get its finances under control.In recent months, Big Lots had been working on an asset purchase agreement with Nexus Capital Management, but that possible deal has now collapsed. In its statement announcing going-out-of-business sales, Big Lots did not give a reason why it would be unable to complete a sale to Nexus Capital Management, but Bloomberg reports that a valuation appraisal of Big Lotss inventory came in below expectations, which made it economically unviable for Nexus Capital Management to proceed with the sale.Is there any hope for Big Lots?Yes, but its a slim one. Announcing that it would commence going-out-of-business (GOB) sales, Big Lots CEO Bruce Thorn said, While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.An alternative going concern transaction means a sale to another party. Some Big Lots stores may be saved if a sale can still be completed. As for who Big Lots would sell itself to, the companys statement said it could be with Nexus or another party. Big Lots said it hopes any such deal could be closed by early January.But Big Lots isnt waiting until then to begin closing stores.When will the going-out-of-business sales be held? Likely soon. According to Big Lots, every remaining location will commence sales in the coming days to protect the value of its estate. The company has about 870 locations left. What about Big Lots employees?Big Lots did not address the impact that closing stores would have on its employees. Bloomberg pegs the companys employee headcount at around 27,000. Unfortunately, most of these workers will likely lose their jobs once the going-out-of-business sales are complete.Big Lots stock price collapsed in 2024Unsurprisingly, with all of Big Lotss financial troubles, the stock crashed this year. Shares had previously traded on the New York Stock Exchange under the ticker BIG, but with its collapse in price, it now trades on the over-the-counter exchange OTCPK under the ticker BIGGQ.As of yesterdays market close, BIGGQ shares were trading at 8 cents per share, representing a year-to-date decline of nearly 99%.Big Lots was founded in Columbus, Ohio, in 1967 as Consolidated International, Inc. and, in 2001, changed its name to the one it has today. The company celebrated its 57th anniversary this year.